Income Tax Calculator Financial Year 2023-24 (AY 2024-25)
A major change introduced in the finance bill 2023 is making the New Income-Tax regime as the default option for all salaried taxpayers, though, with the option to select the old tax regime. The change is an indication of the government’s intention to cease the complicated taxation process with the exemptions and deductions by introducing a simple tax calculation with lower tax rates, in other words, the State wants to tell the taxpayers that, “Give to Caesar the things that are Caesar’s and to God the things that are God’s.” (Mark 12:17). As our tax payments are supposed to be used by the government for conducting various development projects of the country through welfare schemes including funding of public infrastructure, expansion & welfare projects, and employment programs. Hence it is the responsibility of every individual to remit the due taxes to the Govt, as in return these taxes are expected for the growth of every individual. As Aristotle said, “When the society /organization grows all those who connected it also grow equally, however, if the individuals are growing beyond the society/organization, the entire setup of the State/Society may fail. The Golden Rule mosaic says, “Do Unto Others as You Would Have Them Do Unto You”, every individual is expected to follow this rule to get rewarded as they expect. Remit the due taxes for the development of the State/society and which in turn for growth the benefit of the nation and everyone.
Tax savings are legal, but tax evasion through the loopholes of the tax saving options is to be reviewed based on the following text from Bible; ‘All things are lawful’, but not all things are beneficial. ‘All things are lawful’, but not all things build up” (1 Cor 10:23) This Article has an Automatic Income Tax Calculator in Excel Format for Financial Year 2023-24 (AY 24-25). The income Tax Calculator is Useful for salaried employees of the government and private sector.Download Tax Calculator:Click Here
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